Energy Aspects offers high-frequency research coverage of the global natural gas markets, led by Trevor Sikorski. We publish a comprehensive suite of reports combining data analysis, market fundamentals and forward-looking commentary. Our experienced analysts provide the information and insight you need to stay ahead of the global natural gas markets.
Canadian gas demand saw strong growth in March, increasing by around 1.7 bcf/d y/y (15%) to 11.5 bcf/d, though much of this is down to last year’s incredibly mild March. All regions experienced solid demand growth over the month on these base effects. Looking at trade, pipeline data indicate tha..
Japan imported 8.14 Mt of LNG in March, largely unchanged y/y and only slightly above the 8.05 Mt January-February average. Over Q1 17, Japanese LNG imports are up by 1.4 Mt (6%) y/y at 24.2 Mt. Japanese LNG imports have been healthy so far this year, in part as a result of colder weather than la..
Total gas supply to Mexico fell by 4% y/y to 5.38 bcf/d in February due to rapidly declining domestic production, but LNG imports posted their largest y/y increase in nearly a year. Aggregate gas demand continued its y/y decline in February, falling by 0.77 bcf/d to 4.78 bcf/d, which is the lowe..
Storage levels have started to climb, and last week’s 10 bcf injection was largely in line with our expectations and those of the market. With overall lower-48 temperatures still looking seasonally mild, HDDs are beginning to lose their sway over demand. Indeed, Henry Hub (HH) cash prices s..
South Korea imported 3.53 Mt of LNG in March, which is a touch lower than February’s 3.60 Mt but still 0.10 Mt higher y/y. That said, it is the smallest y/y increase the country has logged since October 2016. Imports were still higher than demand of 3.22 Mt, which suggests that South Korea made a..
Last week, while NBP contracts for delivery in Q3 17 dropped sharply, winter 17-18 prices jumped after Centrica Storage (CSL) announced that injection capacity at UK’s Rough storage facility will be offline until at least May 2018 (for details, see E-mail alert: Centrica announces Rough injectio..
Mild weather curbed gas demand across Europe in March, thus slowing the stockdraw and shrinking the y/y storage shortfall that had grown in the first two months of the year. UK aggregate gas demand was 8.03 bcm last month, down by 0.76 bcm (9%) y/y and comfortably below the historical March avera..
A mild March and warm start to April have helped to shrink the y/y storage gap in Europe, reducing it to less than 8 bcm, which is 5 bcm lower than we expected it to be at the start of last month. As a result, gas prices eased further through March, with the D+1 contracts at both the NBP and TTF..
Energy Aspects expects tomorrow’s EIA storage number to be an 11 bcf injection. Our initial forecasts for the next three EIA storage weeks are injections of: 58 bcf, 79 bcf, and 61 bcf. Last week's 2 bcf injection was lower than market expectations and was a bullish signal that pushed up gas pr..
Over the last four years, net installed gas-fired power capacity in the US has increased by 19 GW, with 30 GW of plants added and 11 GW closed. At the same time, coal-fired generation capacity saw a net decline of 29 GW while renewable generation capacity grew steadily, with wind adding 17.2 GW..
Mild weather curbed demand in the Baumgarten region last month, slowing storage withdrawals and helping shrink the y/y inventory shortfall that had grown sharply in the first two months of 2017. Aggregate withdrawals in the Baumgarten region were 1.10 bcm in March, lower than the 1.35 bcm withdra..
Next week's edition of Panorama will be published on Tuesday 11th April, owing to the UK bank holiday. NBP and continental near-curve contracts firmed slightly last week as forecasts suggested colder-than-average weather in the second half of April and as an unplanned outage curbed Norwegian expo..
Mild March weather saw UK aggregate gas demand tumble to 8.03 bcm, down by 0.76 bcm (9%) y/y and comfortably below the historical March average. LDZ demand slumped to 5.05 bcm, lower by 0.83 bcm (14%) y/y. Power sector gas demand edged down by 60 mcm y/y to 1.76 bcm, the first time it has dropped..
The EU ETS has had little impact on the European gas market in recent years. Having lurched into a period of oversupply after 2011, carbon prices have languished in single digits. While 2017 still looks overwhelmingly bearish for carbon markets, policy changes to the ETS rules that are now being..
In March, gas demand in Spain slipped by 30 mcm y/y to 2.51 bcm and fell by a larger 0.64 bcm y/y to 6.22 bcm in Italy. The weather was milder, with Spain’s HDDs down by 18% y/y to make it the warmest March in the last 10 years, and Italy’s HDDs down by 19% y/y and 17% below the five-year norm...